Mumbai: Shares of Wipro Limited on Monday surged as much as three percent in the morning trade, after the IT major said it will buy Singapore's LD Waxsons Group for USD 144 million.

On Saturday, Wipro Ltd had said it will fully acquire LD Waxsons Group, a Singapore-based fast moving consumer goods (FMCG) company for an all cash consideration of about USD 144 million (nearly Rs 790 crore).

Reacting to the development, shares of the company opened on a bullish note and then surged 3.28 percent in morning trade on the BSE to touch an intra-day high of Rs 392.

A similar movement was witnessed on the National Stock Exchange as well, where the stock opened at Rs 389.85, then gained further gound to touch an early high of Rs 390, higher by 2.57 percent from its previous closing price.

The company said it has signed a definitive agreement to acquire 100 percent shareholding of the LD Waxsons Group which will give it ownership of skincare brands, Bio-essence and Ginvera.

The transaction is expected to be closed within the next 60 days.

According to market experts, the acquisition is a strategic fit to the company. It is likely to strengthen the foothold that Wipro has in the facial; skincare business further.

"We see LD Waxson as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well," Wipro Consumer Care and Lighting President Vineet Agrawal said.